What is a transfer on death deed?

A transfer on death deed (also known as a "beneficiary deed") is a legal document that allows someone to transfer ownership of a property to a beneficiary upon their death. The owner of the property must be alive when the deed is created and must sign and record the deed with the county in which the property is located. In Maine, a transfer on death deed can be used when someone wishes to transfer their real property to a beneficiary without having to go through the probate process. This process can save time and money as it does not require the involvement of a lawyer or the probate court. The owner of the property can choose any beneficiary they would like, with no restrictions as to the nature of the relationship between the owner and the beneficiary. The beneficiary must accept the transfer in order for the deed to be valid. A transfer on death deed can be revoked or altered by the owner of the property before they die. If the owner dies without revoking or altering the deed, then the deed will take effect upon their death and the beneficiary will become the new owner of the property.

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What is a transfer on death deed?

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